May 17, 2006 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has obtained the largest Inspection & Corrosion Management services contract in Oceaneering’s history. The contract, awarded by BP Exploration Operating Company Ltd. (BP), has expected revenue of approximately $90 million over an initial three-year term.

The contract expands an existing relationship with BP to provide inspection services on an increased number of BP’s facilities. As a result, the average annual revenue of $30 million Oceaneering anticipates to earn during the initial term of the contract is 40% more than the revenue received in 2005 for providing inspection services to BP. The assets covered by the contract include all of BP’s upstream oil and gas facilities, both onshore and offshore, in the U.K. and Norway. At the end of the initial term, BP has three consecutive options to extend the contract for a period of two years each.

Under terms of the contract Oceaneering will provide Risk-Based Inspection plans derived from detailed corrosion assessments. These assessments will be based on conventional non-destructive testing (NDT) and specialized inspection services. Conventional NDT includes magnetic particle, dye penetrant, and visual inspections. Specialized inspections utilize more advanced technologies, such as computerized radiography and guided wave ultrasonics. Furthermore, Oceaneering will provide trend and defect analyses to support facility maintenance and repair plans and to meet statutory compliance requirements.

Oceaneering, providing total management responsibility for the contract, will be supported by two key subcontractors – ABB Engineering Services for onshore facilities in the U.K. and FORCE Technology in Norway.

T. Jay Collins, President and Chief Executive Officer, stated, “We are extremely pleased with the award of this contract. To have been chosen by BP, one of the world’s largest energy companies, to perform inspection services on more of their facilities is a tribute to our reputation as being one of the foremost global inspection service providers to the oil and gas industry.”

Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s expected contract revenue and anticipated average annual revenue. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: industry conditions; prices of crude oil and natural gas; Oceaneering’s ability to obtain and the timing of new projects; and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.

Oceaneering is an advanced applied technology company that provides engineered services and hardware to Customers who operate in marine, space, and other harsh environments. Oceaneering’s services and products are marketed worldwide to oil and gas companies, government agencies, and firms in the aerospace and marine engineering and construction industries.

The contract expands an existing relationship with BP to provide inspection services on an increased number of BP’s facilities. As a result, the average annual revenue of $30 million Oceaneering anticipates to earn during the initial term of the contract is 40% more than the revenue received in 2005 for providing inspection services to BP. The assets covered by the contract include all of BP’s upstream oil and gas facilities, both onshore and offshore, in the U.K. and Norway. At the end of the initial term, BP has three consecutive options to extend the contract for a period of two years each.

Under terms of the contract Oceaneering will provide Risk-Based Inspection plans derived from detailed corrosion assessments. These assessments will be based on conventional non-destructive testing (NDT) and specialized inspection services. Conventional NDT includes magnetic particle, dye penetrant, and visual inspections. Specialized inspections utilize more advanced technologies, such as computerized radiography and guided wave ultrasonics. Furthermore, Oceaneering will provide trend and defect analyses to support facility maintenance and repair plans and to meet statutory compliance requirements.

Oceaneering, providing total management responsibility for the contract, will be supported by two key subcontractors – ABB Engineering Services for onshore facilities in the U.K. and FORCE Technology in Norway.

T. Jay Collins, President and Chief Executive Officer, stated, “We are extremely pleased with the award of this contract. To have been chosen by BP, one of the world’s largest energy companies, to perform inspection services on more of their facilities is a tribute to our reputation as being one of the foremost global inspection service providers to the oil and gas industry.”

Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s expected contract revenue and anticipated average annual revenue. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: industry conditions; prices of crude oil and natural gas; Oceaneering’s ability to obtain and the timing of new projects; and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.

Oceaneering is an advanced applied technology company that provides engineered services and hardware to Customers who operate in marine, space, and other harsh environments. Oceaneering’s services and products are marketed worldwide to oil and gas companies, government agencies, and firms in the aerospace and marine engineering and construction industries.

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